Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 1,706 Shares of Ormat Technologies, Inc. (NYSE:ORA)

Posted by Defense World Staff on Aug 18th, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Ormat Technologies, Inc. (NYSE:ORA – Free Report) by 7.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 23,642 shares of the energy company’s stock after buying an additional 1,706 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Ormat Technologies were worth $2,004,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ruedi Wealth Management Inc. bought a new stake in Ormat Technologies in the 4th quarter worth about $28,000. Harvest Fund Management Co. Ltd bought a new stake in Ormat Technologies in the 4th quarter worth about $31,000. Belpointe Asset Management LLC bought a new stake in Ormat Technologies in the 4th quarter worth about $36,000. Fifth Third Bancorp increased its holdings in Ormat Technologies by 375.7% in the 1st quarter. Fifth Third Bancorp now owns 823 shares of the energy company’s stock worth $70,000 after buying an additional 650 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Ormat Technologies by 43.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,008 shares of the energy company’s stock valued at $87,000 after purchasing an additional 303 shares during the period. 88.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ORA shares. Roth Capital upgraded Ormat Technologies from a “neutral” rating to a “buy” rating in a research note on Monday, August 7th. JPMorgan Chase & Co. boosted their price target on Ormat Technologies from $86.00 to $89.00 in a research note on Wednesday, July 19th. Roth Mkm upgraded Ormat Technologies from a “neutral” rating to a “buy” rating and set a $92.00 price target for the company in a research note on Monday, August 7th. StockNews.com assumed coverage on Ormat Technologies in a research note on Thursday. They set a “sell” rating for the company. Finally, Barclays assumed coverage on Ormat Technologies in a research report on Monday, May 22nd. They set an “equal weight” rating and a $89.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Ormat Technologies currently has a consensus rating of “Hold” and a consensus price target of $92.29.

Get Our Latest Analysis on Ormat Technologies

Ormat Technologies Stock Up 0.2 %

NYSE ORA opened at $75.93 on Friday. The stock’s 50 day moving average is $81.35 and its 200 day moving average is $84.56. The company has a current ratio of 1.79, a quick ratio of 1.69 and a debt-to-equity ratio of 0.67. Ormat Technologies, Inc. has a 12 month low of $75.56 and a 12 month high of $101.81. The stock has a market cap of $4.58 billion, a PE ratio of 48.99, a P/E/G ratio of 1.52 and a beta of 0.44.

Ormat Technologies (NYSE:ORA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 2nd. The energy company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. The business had revenue of $194.80 million for the quarter, compared to analysts’ expectations of $196.74 million. Ormat Technologies had a return on equity of 5.17% and a net margin of 11.74%. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.22 EPS. Research analysts predict that Ormat Technologies, Inc. will post 2.14 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 30th. Stockholders of record on Wednesday, August 16th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Tuesday, August 15th. Ormat Technologies’s dividend payout ratio is currently 30.97%.

Ormat Technologies Company Profile

(Free Report)

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.